The GST also Known as Goods and Service Tax is said the biggest tax reform in indirect tax since 1947. However, the idea of GST in India was proposed by Vajpayee Govt. in 2000. It was supposed to implement from April 2010 by UPA Govt., but due to political issues it was not implemented at that time. The GST comes into effect from 1st July 2017 and levied on manufacturing, sales and consumption of goods and services in India. GST is designed to provide strength and improve the economic growth of India and more than 150 countries have successfully implemented GST so far. The Basic aim of GST is to avoid cascading effects of taxation and make single tax system for the manufacturing and selling of goods at the both central and state level in India. The GST is mainly implemented to remove all other indirect taxes like VAT (Value Added Tax), Excise duty and Service tax. It is supposed to reduce cost of production and inflation in the economy, thereby making the Indian trade and industry more competitive, domestically as well as internationally. GST is also very much helpful for the consumers in the aspects for payment of taxes as all consumers or common man was paid separate tax at state level and central level for goods and service purchased and consumed, now after GST there is only one tax is paid for goods and services consumed. This Paper is attempt to study positive and negative impact of GST on Indian economy and common man through various aspects. This study is based on secondary data. The data is extracted from various sources such as articles of ICSI and ICAI, working papers of professionals, magazines, annual publications and various authenticated websites of CBEC and ITC of ICAI etc.